The Big Fork: What the Hell Is Happening in Bitcoin?

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Why did your last Bitcoin transaction take so long to confirm? And why are transaction fees higher? Get some answers, and maybe more questions, in this video. It’s episode 63 of The Daily Decrypt.

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Show links:
Bitcoin Unlimited: http://bitcoinunlimited.info
BitcoinXT: http://xtnodes.com
How to set up a BU or XT node: https://www.reddit.com/r/btc/comments/3ywk3l/what_you_need_to_know_about_running_xt_or_bu
AMA with founder of BU: https://forum.bitcoin.com/ama-ask-me-anything/i-am-andrew-stone-of-bitcoin-unlimited-ama-t3420.html
Is your Bitcoin node reachable? Check: https://bitnodes.21.co

Music:
“The Brighter Side of Suffering” by As Blood Runs Black — https://www.youtube.com/watch?v=hsd6S2GKL60

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14 COMMENTS

  1. I support blocks without a size limit. 8MB is too big. BIP 101 makes sense, but why have a limit at all? Bitcoin Unlimited seems to ask that same question. I don't believe in limits. The Internet doesn't have a limit is data or download speed, so why should Bitcoin's blocks? Some blocks will be 4 MB, some 500 KB. Why not adjust each block's size automatically?

  2. Pretty good info, but it is important to know that bip101 starts with a 8MB MAX blocksize but it has a builtin grow which doubles every 2 years in a linear way until 2036 were it can reach a MAX blocksize of 8GB. Also note this is the MAX size, that does not mean blocks will be so big, they can be much smaller, greatly depends on the transactional amount.

  3. I think we all just read our punking faces off to learn as much as we can. I know I would be using reddit for questions every single day if I was a loyal host. Have a forking great New Years!

  4. Nice summary. Thanks! Personally I don't know why anyone would be in favor of keeping the 1MB limit. Increased transaction times and/or increased transaction fees can't be good for bitcoin adoption.

  5. I also recommend investing in the top altcoins as a solution to Bitcoins scaling drama.
    You cant really complain about decentralization of development if you only invest in 1 crypto currency :-/

    If there is serious adoption of bitcoin in the next 2-3 years, even with 8 Mb blocks there will still be serious fee/confirmation times. This will spill over into the alts, but it will only be temporary.

    I like Litecoin, Etherium, and Monero as temporary shelters for this storm.

  6. Everybody wants bigger blocks, but no one is providing a way to incentivize full-nodes. Hence why we have The Great Schism of Bitcoin.
    Right now … Bigger Blocks == Less full-nodes == More centralization

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